Rivian Automotive Inc.: Management meeting takes - R2 ramping, efforts in autonomy accelerating

研报英文原文证据摘录

Rivian Automotive Inc.: Management meeting takes - R2 ramping, efforts in autonomy accelerating

Equity Research

U.S. Autos & Mobility

21 May 2026

Rivian Automotive Inc.

Management meeting takes - R2

ramping, efforts in autonomy

RIVN EQUAL WEIGHTaccelerating

U.S. Autos & Mobility NEUTRAL

Key takes: 1. Gen 3 ADAS system on track for later this year, AV Price Target USD 14.00

data flywheel established; 2. In-house chip provides BoM Price (20-May-26) USD 13.73

savings, accelerates iteration cycle; 3. R2 ramping production, PotentialSource: Bloomberg,Upside/DownsideBarclays Research +2.0%

production to increase weekly, methodical roll-out to

U.S. Autos & Mobilitycustomers; 4. R2 launch focused on reduced complexity

Dan Levy

+1 212 526 3212

Earlier this week we met with RIVN management, including Claire McDonough (CFO), James dan.levy@barclays.com

Philbin (VP, Autonomy and AI), and Mukund Chavan (VP of ASIC design). The visit provided BCI, US

insight of the company's key strategic initiatives. On R2, RIVN is ramping on production, Josh Cho

focusing on a methodical release to customers, and complexity reduction in the ramp. At the +1 212 526 7156

same time, efforts in AV/AI remain central, as we learned more on the functionality roadmap, joshua.cho@barclays.com

plus benefits from using the in-house chip. Overall, while RIVN is facing a critical period of BCI, US

execution, we believe the discussion reflects progress on these key initiatives. Joshua Young

+1 212 526 3280

We learned the following:

jryoung@barclays.com

BCI, US

Autonomy platform - Gen 2, Gen 3, training

•• RIVN vehicles with Gen 2 ADAS (current platform) offer Universal Hands-Free ADAS on 3.5mn

miles in US/Canada, an order of magnitude more miles vs other providers

•• Next step is hands-free point-to-point (P2P).